Ripple and Clearpool Move Toward Institutional RLUSD Lending

Ripple intends to participate as a limited partner in an institutional credit fund that would use RLUSD to provide working-capital financing to fintech companies. Clearpool announced the planned expansion to the XRP Ledger (XRPL) through a governance proposal on September 11, 2026.

The project is being developed in collaboration with Cicada Partners and Hex Trust and is expected to become the first institutional credit product built natively around RLUSD.

Alessio Quaglini, Clearpool co-founder and CEO and co-founder of Hex Trust, said the initiative represents a significant development for Ripple’s stablecoin in an exclusive comment to CryptoNews.com.

Quaglini said the partners want to build an institutional credit product specifically designed around RLUSD. He added that the broader objective is to provide fintech businesses with efficient and transparent access to working capital while giving institutional lenders secure and compliant avenues for earning yield.

XRPL to Power Loan Operations

Under the proposed structure, Clearpool would handle the lending infrastructure while credit decisions would remain with an independent manager. The company plans to create curated credit vaults using XLS-65 Single Asset Vaults.

The XLS-65 framework enables multiple lenders to pool funds into vaults tied to specific tokens and provides optional permissioning capabilities.

The lending process itself would run through the XLS-66 Lending Protocol. It is designed to support fixed-term, uncollateralized loans, covering issuance, servicing and repayment directly through the ledger instead of using a smart contract.

Cicada Partners would manage the underwriting process. The firm would source prospective borrowers, establish loan covenants and monitor their repayment condition. Cicada reports that it has underwritten more than $860M in credit so far.

Ripple would contribute funding as one of the institutional limited partners. Hex Trust would provide custody services for the institutional participants. The arrangement comes as the regulatory treatment of stablecoins continues to evolve across different jurisdictions.

Ripple’s Exposure Is Limited

The proposal sets out distinct roles for each company. Clearpool would operate the technical infrastructure supporting loan origination, servicing and repayments, while Cicada would select and manage borrowers.

Ripple would only provide capital in its capacity as a limited partner. It would not guarantee the loans, absorb losses or serve as a backstop if borrowers fail to repay.

Clearpool also cited RLUSD’s growing circulation as support for the initiative. According to the company, RLUSD supply has exceeded $2.3 billion within two years, indicating an established user base surrounding the stablecoin.

Institutional demand for XRP-linked investment products has also strengthened. CoinGlass data showed XRP ETFs posted $11.26M in net inflows on September 14.

Clearpool Seeks a Private-Credit Role on XRPL

The company wants to build a private-credit ecosystem on XRPL modeled in part on Morpho. Independent curators would oversee individual XLS-65 vaults, with capital directed toward borrowers through the XLS-66 framework.

Clearpool’s XRPL offering would operate alongside its existing EVM-based marketplace. The company believes XRPL’s late-2025 upgrade, which introduced native lending and compliance functionality, could help early participants gain network effects.

Large XRP holder transfers have also fueled signs of growing institutional engagement with the ledger. Still, the proposed product is specifically aimed at RLUSD holders and payments-focused fintech companies, and Clearpool has not yet confirmed active depositors or borrowers in operational vaults.